It Just Keeps On Getting Better.

These drilling results are in “ADDITION” to the previous resources report of (OXR) Oxiana’s.

ANNOUNCEMENTS AUSTRALIAN STOCK EXCHANGE ASX ONLINE SYDNEY NSW
26THFEBRUARY 2007

WOOLGAR DRILLING RESULTS IDENTIFY CONTINUITY OF
GOLD MINERALISATION AT DEPTH WITHIN THE SANDY CREEK PROSPECT
OXIANA TO PROCEED WITH SECOND ROUND OF DRILLING.

Exploration program at Woolgar in 2006 included 67 RC holes and 6 diamond
holes for a total of 8816m drilled, together with ground geophysics and
mapping.

Results clearly identify continuity of the gold mineralized epithermal veins
ranging 100m to 200m vertical depth within the Sandy Creek prospect. Depth
extent of gold mineralised veins unknown.

Shallow strike continuity established beneath Jurassic sandstone cover at the
Lost World vein structure, which is the largest and most extensively gold
mineralized vein exposed at surface.

JV Partner Oxiana Limited plan second stage deep diamond drilling, taking
their expenditure beyond the initial commitment of $2M

Drilling expected to provide a quantum step in knowledge on vein system size.

Strategic Minerals Corporation NL (ASX Code: SMC) and Oxiana Limited (ASX Code:
OXR) in Joint Venture completed drilling 67 RC and 6 diamond drill holes during 2006
at the Woolgar epithermal gold project in northern Queensland.

Oxiana, as the Joint Venture Manager, targeted numerous veins which make up the
Sandy Creek epithermal vein array. The Sandy Creek vein array is extensive, with
approximately 20km of outcropping veins. The system is however larger, as these veins
extend beneath surrounding flat lying Jurassic cover rocks.

Deep diamond and RC drilling tested the Lost World Veins, Shanghai and Explorer SE
X:\ASX RELEASES\Woolgar - Oxiana commit to stage 2.230207.final.doc Paveins, with deeper diamond holes specifically targeting the Lost World structure. This structure is the largest and most extensively gold mineralized vein exposed at surface.

The 2006 drill program clearly established:

Depth continuity ranging 100m to 200m vertical depth on the main gold
mineralised epithermal veins, tested within the Sandy Creek area, and Strike continuity of the Lost World Vein beneath Jurassic sandstone cover.

The depth extent of the gold mineralised veins is currently unknown and untested.
Based on these positive results, Oxiana is planning to drill a number of deep diamond
holes in 2007 to determine the overall vertical depth extent of the epithermal veins.

It is believed that these holes will provide a quantum step in understanding the size
potential of the vein system.

Additional shallow step-out drilling is also planned to test the full strike extent of the
Lost World vein beneath the Jurassic cover rocks, which has not been tested previously,
and contains potential to host additional gold resources.

To date a resource of approximately 400,000 ounces of gold has been delineated in the
upper part of the Sandy Creek system (0-150m vertical depth); which includes several
high grade gold mineralized shoots. Deep drilling is planned on the basis that the recent
results support the possibility for discovery of additional high grade gold mineralised
shoots below the depths currently tested by drilling.

Oxiana will have exceeded its initial $2m expenditure commitment, under the farm in
agreement, after completion of the planned 2007 work program.

Budgets, drill contracts and hole details are currently being finalised, with the objective
of recommencing drilling in the 2nd quarter of 2007 following the end of the northern
Queensland wet-season.

Oxiana JV Farm-In
In February 2006 Oxiana Limited signed a Joint Venture agreement to earn up to 70%
in the Woolgar project north Queensland.

The Joint Venture provides for various stages or the farm-in and to achieve the 70% Oxiana will incurred expenditure of $A25 million over a period of 3-4 years and the production of a bankable feasibility study.

For full details of the farm in agreement refer to the ASX Announcement dated 15
thFebruary 2006 or request the details from the company.


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